Glanbia’s departing CEO Siobhán Talbot was paid €7.9m between salary and bonuses in her last year with the company. However, resigning from her post at the end of December last did not mean the end of her earning money from her erstwhile employer.

A non-compete clause agreed in 2018 means that she will continue to earn her base salary of just over €95,000/month for all of 2024, on condition that she does not take up employment, or seek employment, with a competitor.

With a senior executive team consisting of the CEO and the Chief Financial Officer (CFO), the board of Glanbia decided it would be prudent to implement a measure to encourage the current CFO, Mark Garvey, to stay with the company.

With this in mind, they gave him a once-off “retention award” of shares worth €736,000 at this week’s price. He will be able to claim that award if he remains in his current position with the company on 31 December 2025.

Last year, Garvey’s total remuneration was €3.6m, almost three times what he earned in 2020.

According to the annual report, the total remuneration for the median worker at Glanbia in 2023 was €65,000.